Demonstrators protest the "tax reform" bills recently passed by the US Senate and the House, on December 4, 2017 in Los Angeles, California. AFP / FREDERIC J. BROWN
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As legislators in Washington work to get the most sweeping rewrite of the U.S. tax code in three decades, regions including the European Union and China are expressing their concern that the bill may not comply with international rules and frustration about the effect it may have on local markets.The Republican-led effort to reform the U.S. tax code, which would cut the corporate rate to 20 percent from 35 percent, has caused jitters beyond Europe's borders, with Chinese officials expressing worries that a sweeping policy shift could negatively impact domestic markets.While both the Senate and House versions of the bill share common topline elements, negotiations on individual provisions inserted to win votes, particularly in the Senate, may be protracted and difficult.
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